Read our monthly update on VFACTS new car sales results.
- Weekly Market Update 22nd April 2024
- Weekly Market Update 15th April 2024
- Weekly Market Update 8th April 2024
- VFACTS: New Car Sales Insights March 2024
New Car Sales
- February 2023 saw a total figure of 86,878 new car sales for Australia as reported by VFACTS.
- Figures show new car sales were up +2% in February 2023 versus February 2022.
- Sales between states were largely up with ACT seeing a 13% increase compared to February 2022.
- Electric vehicle sales continue to skyrocket in February 2023, seeing a cumulative increase of 784% so far this year compared to last – although much of this is down to newly introduced sales of Tesla vehicles.
- Hybrid vehicles (-17%) and Diesel vehicles (-5%) sales decreased in February 2023.
New Car Sales Trends
The top 5 models with the greatest increases so far in 2023 are:
- Tesla Model 3 (+5,598 units)
- Ford Ranger 4X4 (+1,850 units)
- Hyundai Tucson (+1,665 units)
- Kia Sorento (+1,528 units)
- Subaru Outback (+1,284 units)
The bottom 5 models with the greatest decreases so far in 2023 are:
- Mitsubishi Triton 4X4 (-3,829 units)
- Toyota Prado (-3,039 units)
- Mazda CX-30 (-2,065 units)
- Toyota RAV4 (-1,806 units)
- Toyota Camry (-1,675 units)
The top segment increases so far in 2023 compared to 2022 are:
- Medium > $60K (+427%) (driven by newly introduced Tesla sales)
- Small > $40K (+171%)
- Light Buses => 20 Seats (+107%)
- People Movers < $70K (+55%)
- SUV Large > $70K (+40%)
Conversely, some of the largest decreases are:
- Upper Large < $100K (-100%)
- Vans/CC <= 2.5t (-62%)
- Light Buses < 20 Seats (-52%)
- Medium < $60K (-52%)
- Micro (-40%)
Please note that VFACTS has made some changes to the price groupings as shown in the table below:
| VFACTS Grouping 2023 | VFACTS Grouping 2022 |
| Light < $30K | Light < $25K |
| Light > $30K | Light > $25K |
| People Movers < $70K | People Movers < $60K |
| People Movers > $70K | People Movers > $60K |
| SUV Small < $45K | SUV Small < $40K |
| SUV Small > $45K | SUV Small > $40K |
| SUV Upper Large < $120K | SUV Upper Large < $100K |
| SUV Upper Large > $120K | SUV Upper Large > $100K |
Sales by Import Country
- Sales of imported vehicles from China continue to skyrocket with an increase of 13,490 units compared to 2022
- Sales of imported vehicles from Korea have made a strong showing in February 2023 with an increase of 1,453 units compared to 2022
- Sales of imported vehicles from Japan seeing the largest decrease of 10,323 units compared to 2022
- Sales of imported European vehicles continue to see declines
By Tanim Ahmed, Head of Product at Datium Insights
Tanim is a Macquarie University alumni with degrees in Finance and Economics. He has spent a decade in the Leasing and Finance industry, specializing in Residual Value risk.
Please contact Datium Insights for further analytical support and advisory services.
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VFACTS: New Car Sales Insights March 2023
